Caribou Coffee, which was founded in 1992, will keep its headquarters in Minneapolis. For the full year, the company said last month that it expects net sales to be flat with last year, with unit growth of about 10 percent to 12 percent. For 2013, it expects sales growth of 6 percent to 8 percent.

Caribou's board unanimously approved the buyout. The company currently has 20.3 million outstanding shares, according to FactSet.